As per Bye-Laws Share Certificates must be issued to every member of the society, for the shares that are subscribed by him, stating the particulars, as stated within a period of six months of the allotment of Shares. The share certificates must bear the seal of the society and be signed by the Chairman, secretary, and one committee member, who is duly authorized by the committee on the committee’s behalf.
Duplicate Share Certificate
Under Maharashtra Societies Act, 1960, Maharashtra Societies Act, 1961 or the Model bye-Laws, there is no provision regarding the issue of the duplicate share certificate to a member, in place of an original share certificate that is lost/misplaced/mislaid or is not traceable etc.
However, in such a scenario, the concerned member should make an application to the society for the issuance of Duplicate Share Certificate to him. After passing a resolution to that effect a duplicate share certificate may be issued to the concerned member of society. It is not necessary for the for the society to issue a public notice announcing the loss in a widely circulated newspaper.
However, an undertaking/Indemnity Bond on a stamp paper is an obligatory document that needs to be submitted to the society. This will act as a safeguard and protect the society against unauthorized use or be dealing with the share certificates issued. The society may also display a notice for the same on its society notice board.